BMW to pay $18 million U.S. fine to resolve inflated sales probe

© Reuters. The logo of German car manufacturer BMW is seen at the company headquarters in Munich

WASHINGTON (Reuters) – Germany-based automaker BMW AG (DE:) and two of its U.S. subsidiaries have settled charges that they disclosed inaccurate and misleading information about BMW’s retail sales volume in the United States while raising approximately $18 billion from investors in corporate bond offerings, the U.S. Securities and Exchange Commission (SEC) said on Thursday.

Without admitting or denying SEC’s findings, BMW and the two subsidiaries agreed to pay a joint penalty of $18 million and to cease and desist from future violations of these provisions, the commission said in a statement.

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